Two individuals, Folake Adeoti and Modupe Adewuyi, were arraigned by the EFCC in Lagos on charges of Naira mutilation and illegal sale of Naira notes. Both pleaded guilty, and their cases were adjourned for a ruling on May 2, 2025.
A former convict, Folake Adeoti, was arraigned by the Economic and Financial Crimes Commission (EFCC) on April 4, 2025, for Naira mutilation at the Federal High Court in Lagos. She was arrested on March 21, 2025, in Ikeja, Lagos, for selling mutilated Naira notes amounting to N3.85 million. Adeoti pleaded guilty to the charge of hawking damaged currency, violating the Central Bank of Nigeria (CBN) Act. Her case is connected to her previous conviction for a similar offense.
In court, the EFCC presented her confessional statement and the money found in her possession as evidence. Prosecutors urged the court to convict her, highlighting that Adeoti had been involved in Naira abuse before. Justice Yellim Bogoro adjourned the ruling until May 2, 2025, and ordered Adeoti's remand at a correctional facility.
Alongside Adeoti, Modupe Adewuyi was also charged for the illegal sale of mutilated Naira notes, amounting to N1.6 million. Adewuyi was arrested on the same day as Adeoti, while selling damaged notes in Ikeja. She was caught with two POS machines, and her confessional statement was presented in court. Prosecutors requested the forfeiture of the confiscated money to the federal government. Justice Bogoro also adjourned her case to May 2, 2025, and remanded her in custody.
Both defendants will face rulings in May after further review of the case.
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